Biotech Growth Trust PLC · LSE:BIOG
Biotech Growth Trust — The Biotech Growth Trust — Investor Presentation (March 2026)
29 slides from Biotech Growth Trust's investor presentation, March 2026
Slide 1: The Biotech Growth Trust
The Biotech Growth Trust March 2026 This document does not constitute an offer to sell, or the solicitation of an offer to purchase, any security or fund. Any such offer may only be made by means of a confidential private placement memorandum, which is available to prospective investors upon request
Slide 2: Portfolio Managers: Geoffrey Hsu & Josh Golomb
Portfolio Managers: Geoffrey Hsu & Josh Golomb Geoffrey Hsu, CFA Josh Golomb General Partner Partner Geoffrey C. Hsu, CFA, is a General Partner at OrbiMed and has Josh Golomb is a Partner at OrbiMed focused on biotechnology. He been portfolio manager of The Biotech Growth Trust since May joined the
Slide 3: OrbiMed Corporate Update
OrbiMed Corporate Update Global Healthcare-Dedicated Investment Firm with Over 25 Years of Experience Asia PE Royalty $4.9 billion $4.0 billion $380 million $2.0 billion Private Equity Other Public Equity $7.7 billion $1.3 billion 151 300+ Global Years of Investment Employees Experience Total AUM: $
Slide 4: Performance
BIOG Performance
Slide 5: BIOG Performance since Inception
BIOG Performance since Inception 18 May 2005 through 28 February 2026 £1,800 £% £1,600 BIOG £1,400 +1281.5% NBI £1,200 +1114.6% £1,000 £800 £600 FTSE +395.3% £400 £200 £0 Note: See Endnotes for additional information, including with regard to the calculation of these results and the index shown abov
Slide 6: BIOG Performance Fiscal Year to Date
BIOG Performance Fiscal Year to Date 31 March 2025 through 28 February 2026 £% 75.0% 70.0% BIOG NAV +69.2% 65.0% 60.0% 55.0% 50.0% 45.0% 40.0% NBI 35.0% +37.1% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% -5.0% -10.0% -15.0% BIOG NAV (£) NBI (£) -20.0% Note: See Endnotes for additional information, inclu
Slide 7: Market Cap Performance Divergence in Biotech
Market Cap Performance Divergence in Biotech Small cap stocks have outperformed this fiscal year Market Cap Breakdown BIOG NBI Delta (classifications as of 28 February 2026) Large Cap (>$10bn) 24% 68% -45% 140% Mid Cap ($2-10bn) 32% 22% 10% Small Cap (<$2bn) 52% 10% 42% NBI *%NAV Exposure of BIOG po
Slide 8: Biotech/Healthcare Underperformance vs S&P 500
Biotech/Healthcare Underperformance vs S&P 500 (31 March 2021 – 28 February 2026) 120.0% 100.0% S&P 500 -101% +90.7% 80.0% 60.0% S&P 500 Healthcare 40.0% +40.5% Russell 2000 +36.2% 20.0% 0.0% Russell 2000 Biotech -10.6% -20.0% -40.0% -60.0% -80.0% RGUSHSBT Index (£) SPXT Index (£) S5HLTH Index (£) R
Slide 9: Biotech Valuations At Historical Lows
Biotech Valuations At Historical Lows Ratio of Market Cap to Net Cash on Balance Sheet (Median) 7 Recovery Rally Cut Short by Macro and Political Uncertainties • Delays in Fed rate cuts 6 • RFK, Jr. • Budget cuts Another Recovery Rally Emerging 5 • Political uncertainties abate • Increased M&A activ
Slide 10: 10-Year U.S. Government Yield Still Elevated
10-Year U.S. Government Yield Still Elevated (USGG10YR Index) Data as of 28 February 2026 10 Year U.S. Government Yield 10.0% • Year-over-year inflation has been declining since mid-2022 due to interest rate hikes over the past couple of years 8.0% • After a pause, the Fed recently started cutting r
Slide 11: Investment Themes
BIOG Investment Themes
Slide 12: Key Breakthroughs in Biotech Fiscal Year to Date
Key Breakthroughs in Biotech Fiscal Year to Date Company Indication Product (MOA) Highlights Reported positive Phase 3 results in IPF, Idiopathic Pulmonary Fibrosis (IPF) Tyvaso (inhaled prostacyclin analog) which showed improved lung function versus placebo, independent of background therapy Report
Slide 13: Significant FDA Biotech Approvals in 2025
Significant FDA Biotech Approvals in 2025 Company Indication Product (MOA) Highlights First approved therapy for the Bronchiectasis Brinsupri treatment of bronchiectasis Pre-Exposure Prevention of HIV First biannual HIV prophylaxis Yeztugo (PrEP) therapy First and only non-opioid oral pain Moderate
Slide 14: Oncology
Oncology Cancer remains #1 therapeutic area for biotech drug development given unmet need Cellular Therapies Antibody-Drug Conjugates Bispecific Antibodies Antibodies that bind to 2 different targets CD19 BCMA Other * * * * * * * Antibodies with chemo attached Targeted Therapies Radiopharmaceuticals
Slide 15: Central Nervous System (CNS) Disease Treatments
Central Nervous System (CNS) Disease Treatments Both neurology and psychiatric disorders offer large chronic market opportunities Anti-Psychotic Therapies Depressive Disorders Epilepsy / Pain * * * * * * * Neurocognitive Disorders Neuromuscular Disorders Movement Disorders * * * * * * * * Note: Comp
Slide 16: Innovation Well Reflected in BIOG
Innovation Well Reflected in BIOG Portfolio has exposure to a wide swath of novel technologies, as shown below: Antibody-drug Gene Therapy Oligonucleotide Multispecific Cell conjugates Gene Editing therapeutics antibodies Therapy T-Cell Engagers 10.3% NAV 13.5% NAV 19.4% NAV 18.9% NAV 3.0% NAV Sourc
Slide 17: FDA New Molecular Entity Approvals
FDA New Molecular Entity Approvals 70 67 59 58 58 59 FDA approvals 60 12 56 53 49 5 7 9 10 remain 50 45 7 1 consistently high 40 8 30 59 22 53 55 48 51 50 46 46 20 37 526 new drugs 22 10 approved over 0 the past 10 years 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Source: FDA CDER and CBER as
Slide 18: M&A Activity in Biotechnology
M&A Activity in Biotechnology Announced Public Biotech M&A Transactions $58B $29B 12 $13B 11 $47B $51B $18B $31B $19B $34B $35B 9 9 9 $15B $16B 8 8 $18B $31B $17B 8 8 8 $6B $5B 7 $9B 7 6 $104B $5B $12B $3B $9B 6 $9B 6 $10B 5 5 5 $2B $4B $4B $11B $19B 4 $95B 4 4 4 4 $2B 4 $0.1B 3 3 3 3 3 2 2 2 1 Q1 '
Slide 19: Big Pharma Patent Cliff Drives Biotech M&A
Big Pharma Patent Cliff Drives Biotech M&A Over $225 billion in branded sales are at risk (2025-2030) US Loss of ’25 Global Branded Sales at Risk ($bn) Company Drug Exclusivity Sales (Projected) ($bn) $100 2028 $31.7 $80 2027 $15.3 2025 $6.1 $60 2029 $14.4 $40 2028 $10.3 $20 2027 $4.0 2027 $4.4 $0 2
Slide 20: China Rapidly Advancing in Biotechnology
China Rapidly Advancing in Biotechnology Number of Phase I to III trial starts based on company headquarters location, 2009-2024 • Ever since China announced in 2015 that developing a domestic biotechnology industry was a priority in its 10-year “Made in China 2025” plan, biotechnology innovation in
Slide 21: China Healthcare Recovering From All-Time Lows
China Healthcare Recovering From All-Time Lows Innovation in Chinese biotech and business development deals driving recovery Hang Seng Healthcare Index (HSHCI) 9,000 8,000 7,000 6,000 5,000 -52.3% 4,000 3,000 2,000 1,000 0 Jun-21 Oct-21 Feb-22 Jun-22 Oct-22 Feb-23 Jun-23 Oct-23 Feb-24 Jun-24 Oct-24
Slide 22: Political Uncertainties Abating
Political Uncertainties Abating Political overhangs lifting on the biopharmaceutical sector; Trump supportive of biotech POSITIVES INNOVATION REDUCED REGULATION POLITICAL SUPPORT Trump’s administration is generally pro- FDA wants to reduce regulatory Senate report recently recommended further innova
Slide 23: 2026 Strategy and Outlook
2026 Strategy and Outlook • Strategy to emphasize emerging biotech over large cap biotech will continue in order to fully capture sector rebound o Emerging biotech accounts for two-thirds of global biopharma pipeline; favor derisked assets with a first-in-class or best-in-class profile addressing un
Slide 24: Appendix
BIOG Appendix
Slide 25: BIOG Holdings
BIOG Holdings As of 28 February 2026 Market Price Pct. Market Price Pct. Market Price Pct. UNITED STATES $ Millions Value UNITED STATES $ Millions Value INTERNATIONAL $ Millions Value Emerging Biotechnology Emerging Biotechnology (cont.) Europe ALX Oncology Holdings Inc 1.5 0.4 PTC Therapeutics Inc
Slide 26: Commercial vs Development Stage Biotech
Commercial vs Development Stage Biotech Pre-revenue companies have significantly underperformed their commercial peers (31 March 2024 – 28 February 2026) 60.0% Morgan Stanley Commercial Biotech Basket (Revenue) 40.0% +41.8% 20.0% Morgan Stanley Clinical Stage Biotech Basket (Pre-Revenue) 0.0% +3.5%
Slide 27: Risk Management
Risk Management • Diversification across multiple parameters • Size and stage of company (large cap, mid cap, small cap); revenue versus pre-revenue • Geographical diversification (U.S., Europe, China) • Therapeutic area • Drug development technologies • Prudent position sizing • Sizing depends on c
Slide 28: Endnotes
Endnotes General Notes OrbiMed Advisors LLC and OrbiMed Capital LLC (together with their affiliates, “OrbiMed”) are registered investment advisers with the U.S. Securities and Exchange Commission (the “SEC”). OrbiMed specializes in the investment of clients’ assets in healthcare and life sciences co
Slide 29: Endnotes
Endnotes Indices Indices are shown for comparison only, are unmanaged, do not charge fees or expenses and do not employ special techniques such as leveraging or short selling. The volatility of indices may be materially different from the performance of the fund. In addition, the fund’s portfolio ho
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